CityMall bags USD 22.5 Million in General Catalyst-led Series B funding

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India-based social commerce startup CityMall has reportedly secured USD 22.5 million during a Series B funding round. The latest fundraising was led by American venture capital firm General Catalyst Partners, with added participation from existing investors including WaterBridge Ventures, Elevation Capital, and Accel.

CityMall was founded in 2019 by Naisheel Verdhan and Angad Kikla. The platform essentially helps budding entrepreneurs to set up their online stores on WhatsApp, further allowing them to sell affordable products to closer networks through customer analytics and other e-commerce tools.

The Gurugram-based startup has been witnessing significant momentum of late, securing USD 11 million during a Series A funding earlier in March, which was led by Accel Partners. CityMall has managed to raise a total sum of 36.5 million since its inception.

According to the company, the new funds will be used for technological advancements, expand its current workforce, and improve its logistics network. It also intends to reinforce its presence in the current 40 operational towns and expand its reach into over 100 new towns soon.

CityMall founder Angad Kikla was reported saying that the startup has always intended to revolutionize user experience using the internet by offering access to affordable products as well as earning opportunities.

Naisheel Verdhan mentioned that the group plans to develop a decentralized e-commerce environment for the next 300 million internet users, predominately located in small towns and villages across India.

The new funding round has allowed CityMall to become the third most funded startup in the social commerce segment. For those unaware, social commerce is basically a subset of e-commerce that depends on social media and other mediums to drive sales.

Currently, this business space is led by Meesho with a funding of around USD 515 million as well as a unicorn status. It is trailed by DealShare, which has bagged USD 144 million to date.

Source Credits –

https://www.businessinsider.in/business/startups/news/citymall-a-startup-that-helps-budding-entrepreneurs-start-their-ventures-on-whatsapp-has-raised-over-22-million/articleshow/83741383.cms